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A Study on Corporate Governance of CVC Venture Capital Company

Author: LiJing
Tutor: WanHongBo
School: Lanzhou University
Course: Business Administration
Keywords: State-owned venture capital company Corporate governance Study
CLC: F832.48
Type: Master's thesis
Year: 2009
Downloads: 244
Quote: 1
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Abstract


Venture capital mean the investor offers long-term equity investment to a new developing enterprise, and participates in the enterprise management, undertakes the risk of the enterprise altogether, realizes the high appreciation capital income through the means, such as stock right transfer and so on, at last. The study of the corporate governance of the stated-owned venture capital companies means analyzing the serious principal-agent problems between venture capitalist and venture investors, and then referring to a running way of stated-owned venture capital companies.The main theories studied on the corporate governance of the venture capital companies by the scholars of China and foreign countries are the Principal-Agent Theory and the Theory of Financial Contract. The main task of the Principal-Agent Theory is to study the optimal contracts to incent the agent under the situation of benefit conflicts and asymmetric information. Financial contract is the contract on the relationship between the capital supplier and capital demanders (Hart, 2001). The Theory of Financial Contract aims to study the optimal financial contracts with incentive compatibility. The approach to solve the non-efficiency problems by Aghion and Bolton (1992) is the state-contingency allotion of rights of control.As the new type of financial service sector, venture capital has been paid more and more attention to. It has pushed the fast development of the hi-tech industry and the small and medium enterprises in China. State-owned venture capital enterprises are the fresh and powerful activists in the China venture capital market. However, their problems of corporate governance, such as high agent cost and weak incentive mechanism have made them uncompetitive while competing with other venture capital enterprises. They can’t improve their earning abilities until their corporate governance levels have been improved.We take CVC Company as the analyzing carriers in this paper with the comprehensive use of analysis of case qualitative and quantitative analysis. The problem of corporate governance was found after analyzing the current operation of CVC Company. Therefore, this paper has designed the plan for CVC company’s corporate governance in the following sectors: the function and structure of the board of the directors, the right and obligations of the chairman of the board and the general manger, decision mechanism, internal control mechanism, incentive and restrictive mechanism, as well as the harmony among the people with interests related. Finally, the suggestion was made to implementation plan of corporate governance for CVC Company.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Investment
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